I am interested to see if anyone else has invested in that zip code, and what they think long term values (5-10 years) will look like.

Also, while it won't cashflow right away, rental rates will continue to rise and in 3-4 years it will very likely be a cash-flowing property (it's in a prime location with tons of upside and development going on around it). 

Held for 1 year, completed updates, the property appraised enough to justify sale.

I know there's seller finance and "B" lender that are good for the short term, but if a balloon payment is due say in 5 years, there's no guarantee that my DTI would be in a better place then I'd be stuck without funding. 

Quote from @Eli Ling: You are losing over $160 a month or $1,920 a year by keeping a tenant who can barely afford the reduced rent, and he complains even though you provide pest service.

Find a good lending partner that is comfortable with lower property values both on the purchase, as well as knowing a group or two that can financing projects under 100k on a 30 year fixed.

We are about 2 years away from pulling the trigger on something.

I have a few holds and have done over 50 Flips in the past few years. 

I have been investing in Memphis market for years and from the area. 

Me and a few folks I met at a mastermind group all went in on a joint account a few years back so we could save money.